BITCOIN MONTHLY ANALYSIS
After a strong 43% gain in Q3, Bitcoin cooled down in October, closing the month down 7.3%.
But Bitcoin wasn't the only one falling. The Nasdaq 100 and Gold also dropped nearly 7%, while oil prices surged above $117.
Key Levels to Watch:
Support:
-Weekly MA 50: $75,770
-Monthly MA 50: $64,580
Resistance: $87,500
My Take:
I still see the bigger trend as positive, but don't expect Bitcoin to go up straight. A 20% drop is normal during a Bitcoin bull market.
If BTC drops between $65K and $75K, I'll be watching for a chance to buy more and hold for the next 3 years.
There's also a pattern worth watching. Bitcoin has often struggled around US midterm elections.
But sometimes, the best time to buy is when the market looks scary and everyone is afraid to buy.
After a strong 43% gain in Q3, Bitcoin cooled down in October, closing the month down 7.3%.
But Bitcoin wasn't the only one falling. The Nasdaq 100 and Gold also dropped nearly 7%, while oil prices surged above $117.
Key Levels to Watch:
Support:
-Weekly MA 50: $75,770
-Monthly MA 50: $64,580
Resistance: $87,500
My Take:
I still see the bigger trend as positive, but don't expect Bitcoin to go up straight. A 20% drop is normal during a Bitcoin bull market.
If BTC drops between $65K and $75K, I'll be watching for a chance to buy more and hold for the next 3 years.
There's also a pattern worth watching. Bitcoin has often struggled around US midterm elections.
But sometimes, the best time to buy is when the market looks scary and everyone is afraid to buy.
